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Did I Give The Right Advice to Sell the House? – Dawn

“Dear Steve,

My husband and I have a good friend who is single. He inherited a 3br 2 bath home from his parents on their passing. He is in his late 40’s, has trouble keeping steady employement, and is always struggling with money.

I suggested he might want to consider selling his 2000+ sq ft home and downsize to somthing half the size. I told him if he does it right he should make at least a small profit off of the sale of his current home, after purchasing a smaller home. I told him this should also result in a reduction in utility costs, property taxes, insurance, as well as having a smaller home to maintain.

Was I wrong in telling him this? If so what would be a better solution to help him get his debt paid off and get to a more stable place (besides steady employement)

Thanks,

Dawn”

Dear Dawn,

Based on what you shared I think you gave great advice. The spotty employment history leaves me worried about his financial commitments. The smaller, the better moving forward I think.

Even renting is a reasonable idea for now. At least with a managed rental he would not have to worry about upkeep and repairs.

You sound like a really terrific friend.

Please post your responses and follow-up messages to me on this in the comments section below.

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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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